Sound Shore

Q3 2015 13F · by John DeGulis, portfolio manager

As of: Sep 30, 2015
Filed: Oct 30, 2015
US stock: $5.3B · prev $6.2B
Positions: 37 · prev 40
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves42 since the prior filing

+8.0 pp in · −8.0 pp out

New 2 +4.99 pp
Added 19 +3.03 pp
Trimmed 16 +1.42 pp
Exited 5 −9.46 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 32% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions17% of US stock

CIT CIT Group Inc. added+0.24 pp added+0.243.5%
TMO Thermo Fisher Scientific, Inc. trimmed+0.22 pp trimmed+0.223.5%
BAC Bank of America Corporation trimmed+0.06 pp trimmed+0.063.3%
TXN Texas Instruments Incorporated added+0.55 pp added+0.553.3%
AIG American International Group, Inc. trimmed+0.14 pp trimmed+0.143.3%

Positions37 in this filing · 5 exited


CITCIT Group Inc.	3.47%	4,604,618	$184M	added+7%	+0.24 pp	10 q
TMOThermo Fisher Scientific, Inc.	3.45%	1,498,725	$183M	trimmed−3%	+0.22 pp	10 q
BACBank of America Corporation	3.30%	11,237,113	$175M	trimmed−5%	+0.06 pp	10 q
TXNTexas Instruments Incorporated	3.28%	3,520,315	$174M	added+7%	+0.55 pp	10 q
AIGAmerican International Group, Inc.	3.26%	3,046,109	$173M	trimmed−3%	+0.14 pp	10 q
ORCLOracle Corp	3.26%	4,798,682	$173M	trimmed−3%	+0.06 pp	4 q
COFCapital One Financial	3.19%	2,335,657	$169M	added+2%	−0.06 pp	10 q
unresolvedAon PLC	3.19%	1,910,613	$169M	added+6%	+0.30 pp	10 q
MRKMerck & Co., Inc.	3.17%	3,412,769	$169M	trimmed−5%	−0.13 pp	2 q
CCitigroup Inc.	3.16%	3,388,917	$168M	trimmed−3%	+0.04 pp	10 q
unresolvedGeneral Electric Co	3.12%	6,565,039	$166M	added+9%	+0.54 pp	10 q
CMCSAComcast Corp	3.08%	2,875,162	$164M	added+3%	+0.38 pp	10 q
SNYSanofi	3.06%	3,423,879	$163M	trimmed−5%	+0.18 pp	10 q
CFGCitizens Financial Group, Inc.	3.03%	6,748,159	$161M	added+12%	+0.39 pp	5 q
HOUSAnywhere Real Estate Inc.	2.86%	4,039,984	$152M	added+3%	−0.08 pp	4 q
VODVodafone Group PLC	2.83%	4,744,780	$151M	trimmed−6%	−0.13 pp	7 q
AMATApplied Materials Inc	2.82%	10,212,215	$150M	added+11%	−0.03 pp	10 q
MRSHMarsh	2.75%	2,794,226	$146M	trimmed−4%	+0.10 pp	10 q
IVZInvesco LTD	2.75%	4,673,793	$146M	added+8%	+0.15 pp	10 q
FLEXFlex Ltd.	2.75%	13,856,295	$146M	trimmed−4%	+0.11 pp	10 q
MSFTMicrosoft Corp	2.74%	3,289,613	$146M	new	+2.74 pp	new
TWXTime Warner Inc	2.72%	2,098,766	$144M	added+9%	+0.01 pp	10 q
PGProcter & Gamble Company	2.69%	1,989,173	$143M	trimmed−1%	+0.16 pp	7 q
BPBP p.l.c.	2.67%	4,648,643	$142M	added+1%	−0.31 pp	10 q
AAgilent Technologies Inc.	2.65%	4,096,390	$141M	added+9%	+0.32 pp	10 q
IPInternational Paper Co.	2.64%	3,705,548	$140M	added+3%	−0.11 pp	6 q
KEYSKeysight Technologies, Inc.	2.59%	4,467,870	$138M	trimmed0%	+0.35 pp	4 q
AERAercap Holdings N.V.	2.53%	3,518,661	$135M	added+13%	+0.24 pp	2 q
unresolvedCBS Corp	2.48%	3,301,150	$132M	added+14%	−0.12 pp	4 q
LOWLowe's Companies Inc.	2.44%	1,879,010	$130M	added0%	+0.42 pp	10 q
unresolvedGoogle Inc.	2.41%	200,955	$128M	trimmed−2%	+0.62 pp	10 q
CVSCvs Health Corporation	2.40%	1,320,493	$127M	added+1%	+0.19 pp	10 q
ADIAnalog Devices, Inc.	2.25%	2,117,689	$119M	new	+2.25 pp	new
OIO-I Glass, Inc.	2.17%	5,557,748	$115M	trimmed−7%	−0.05 pp	10 q
EXCExelon Corporation	2.10%	3,752,587	$111M	trimmed−5%	+0.10 pp	2 q
GOOGAlphabet Inc. Class C	0.73%	63,331	$39M	trimmed−53%	−0.41 pp	6 q
VIVHYVivendi SE UNSP/	0.01%	30,900	$730,000	added×2.6	+0.01 pp	2 q
ELVElevance Health, Inc.	—	−987,841	—	exited	−2.61 pp	—
AESAES Corporation	—	−12,115,748	—	exited	−2.59 pp	—
QCOMQualcomm Inc	—	−2,275,355	—	exited	−2.30 pp	—
RSReliance, Inc.	—	−2,003,777	—	exited	−1.95 pp	—
RDS.ARoyal Dutch Shell PLC	—	−5,900	—	exited	−0.01 pp	—